{"id":7680,"date":"2022-08-17T08:40:37","date_gmt":"2022-08-17T07:40:37","guid":{"rendered":"https:\/\/new.contentdeployment.co.uk\/tomd\/?p=7680"},"modified":"2022-08-17T14:27:11","modified_gmt":"2022-08-17T13:27:11","slug":"gen-up-on-pension-numbers","status":"publish","type":"post","link":"https:\/\/new.contentdeployment.co.uk\/tomd\/2022\/08\/17\/gen-up-on-pension-numbers\/","title":{"rendered":"Gen up on pension numbers"},"content":{"rendered":"<div class=\"hd-block hd-block-paragraph\">\n<p><strong>With so\nmany financial priorities to juggle, it can be hard to put your pension first,\nespecially with spiralling household costs. Starting or maintaining your\npension contributions is important.<\/strong><\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p>Whatever\ntype of pension plan you have, you get tax relief at the highest rate of Income\nTax you pay on all contributions you make, subject to annual and lifetime\nallowances. This effectively means that some of your earnings which would have\ngone to the government as tax are diverted to boost your pension pot instead.<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p><strong>Make the\nmost of your allowances <\/strong><\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p>The Annual\nAllowance for pensions is <strong>\u00a340,000<\/strong>. For those with an income above <strong>\u00a3240,000<\/strong>\n(\u00a3200,000 threshold income plus the \u00a340,000 you can save into a pension) the\nAnnual Allowance begins to taper; for every \u00a32 of adjusted income above\n\u00a3240,000, the Annual Allowance for that year reduces by \u00a31. The minimum Annual\nAllowance is <strong>\u00a34,000.<\/strong><\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p>The\nLifetime Allowance \u2013 the maximum amount you can have in a pension over a\nlifetime without incurring an extra tax charge is <strong>\u00a31,073,100.<\/strong><\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p><strong>Don\u2019t\nforget your State Pension <\/strong><\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p>From 6\nApril, the new single-tier State Pension increased to <strong>\u00a3185.15<\/strong> per week\nand the older basic State Pension rose to <strong>\u00a3141.85<\/strong> per week. You can get\na projection and find out your retirement age here www.gov.uk\/\ncheck-state-pension<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p><strong>Treating\nyou as an individual <\/strong><\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p>We offer\nadvice and help with all aspects of pensions and retirement planning, whether\nyou\u2019re just starting out and want help choosing the most appropriate pension\nproducts, or you\u2019re approaching the stage of life when you need to utilise your\npension pot and want to know the most efficient way to access your funds.<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p><strong><em>The value\nof investments and income from them may go down. You may not get back the\noriginal amount invested. A pension is a long-term investment. The fund value\nmay fluctuate and can go down. Your eventual income may depend on the size of\nthe fund at retirement, future interest rates and tax legislation.<\/em><\/strong><\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>With so many financial priorities to juggle, it can be hard to put your pension first, especially with spiralling household costs. Starting or maintaining your pension contributions is important. Whatever type of pension plan you have, you get tax relief at the highest rate of Income Tax you pay on all contributions you make, subject [&hellip;]<\/p>\n","protected":false},"author":12,"featured_media":7687,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[32,89,90],"tags":[],"hd_content_source":[],"_links":{"self":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/7680"}],"collection":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/comments?post=7680"}],"version-history":[{"count":4,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/7680\/revisions"}],"predecessor-version":[{"id":7691,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/7680\/revisions\/7691"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/media\/7687"}],"wp:attachment":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/media?parent=7680"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/categories?post=7680"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/tags?post=7680"},{"taxonomy":"hd_content_source","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/hd_content_source?post=7680"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}